A one-week delay in getting paid would mean a struggle
Despite recent reports showing the strong performance of US mortgage loans, most Americans’ finances are on shaky ground.
That’s according to the American Payroll Association whose survey received almost 40,000 responses and found that more than 74% of employees in America would experience financial difficulty if their paychecks were delayed for a week.
The APA says that employees should be aware of options that help them maximize strategic savings from their paychecks.
"It's important that employees educate themselves and tap into the power of their paychecks," said Dan Maddux, executive director of the APA. "More take-home pay can be used to boost their emergency savings and meet long-term financial goals."
The survey also found that 32% of respondents would be interested in having access to some or all their wages on-demand as they are earned rather than waiting for payday.
On-demand wage payment is a new, emerging tool for employees that can help them better manage their day-to-day finances.
The survey was conducted earlier this month in conjunction with National Payroll Week and resources are available at nationalpayrollweek.com.
